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Gramalote Project – Colombia

Gramalote is a gold development project that is located approximately 230 kilometres ("km") northwest of the Colombian capital of Bogota and approximately 80 km northeast of Medellin, the regional capital of the Department of Antioquia. Gramalote is a joint venture project between AngloGold Ashanti Limited (“AngloGold”) and B2Gold. AngloGold has a 51% interest and is the manager of the project, and B2Gold has a 49% interest.

In the first quarter of 2017, the Company, in conjunction with its joint venture partner AngloGold Ashanti ("AGA"), re-evaluated its strategic objectives for Gramalote and decided to advance the project to the completion of a prefeasibility study, which is expected in late 2017. The Company’s share of 2017 budgeted expenditures is approximately $13 million. Upon completion of the prefeasibility study and evaluation of the updated project economics, the Company will discuss the next steps for the Gramalote Project going forward, with its joint venture partner AGA.

Note: For more details on B2Gold’s Gramalote Project, click here for the Company’s Annual Information Form 2017 and click here for the Company's most recent Management’s Discussion and Analysis (these are also available on SEDAR at www.sedar.com and on the U.S. Securities and Exchange Commission’s website at www.sec.gov).